A firm run by James Murdoch, the son of global media mogul Rupert Murdoch, and Uday Shankar, a former Disney executive, is going to be investing 135 billion rupees, or about US$1.8 billion, into a venture media company called Viacom18. The company has also been backed by Mukesh Ambani, India’s richest man.
Basically, the group is looking to take control of a huge share of India’s media market, which is the second biggest in the world. The company is reportedly even bidding for broadcast rights to the Indian Premier League.
Key comments:
“James and Uday’s track record is unmatched,” said Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement. “For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia and around the world.”
